Enterprise use cases are expected to fuel metaverse growth

 Enterprise use cases are expected to fuel metaverse growth

In NEW DELHI: In the last two years, consumers have been exposed to the metaverse via virtual reality (VR) headsets, immersive games, and innovative shopping experiences; however, the actual expansion of the metaverse may occur on the corporate side as businesses identify many use cases.

Through the use of technologies like artificial intelligence (AI), blockchain, 5G, community and power platforms, augmented reality (AR), and virtual reality (VR), the metaverse is described as a virtual, immersive world that replicates our reality. The development of the corporate metaverse will be fueled by the fusion of artificial intelligence (AI) with so-called digital twins, which are virtual representations of current physical systems, infrastructures, or items.

They said that the consumer side of the metaverse was the more prominent and publicized side, but there may be a lot more money to be earned in the business metaverse, which most consumers won't ever directly experience. "Being in the early stages of development, most businesses involve figuring out the right use cases," said Ashootosh Chand, partnership, digital and emerging technologies, PwC India. "While tens there is a perceived slowdown in virtual worlds due to the current economic crisis, optimism on the corporate side will remain strong considering that there will be many use cases in the next 3-5 years," the author stated.

"Brands are developing brand-new, completely immersive worlds and figuring out how to include consumers in them. The absence of compatibility in the present metaverses is a problem, he said.

A PwC India research titled "Our Take - Embracing the Metaverse," released in April, states that 25% of the 150 Indian enterprises questioned want to integrate the metaverse into their everyday operations within a year. An carmaker setting up a factory in the metaverse can do a lot of scenario planning and product enhancements that are challenging in the real world, according to Chand, who described how a digital twin would be useful in the metaverse. Along with mentioning the influence on training and cooperation, he also noted deployments in logistics, manufacturing, BFSI, quality assurance, and remote support. India is well-positioned to embrace and take advantage of the possibilities afforded by the corporate metaverse because to its vibrant digital environment and large pool of highly trained employees. However, according to experts, there are difficulties that need to be resolved, such as privacy concerns, data security concerns, and ethical issues with AI-powered simulations.

To facilitate broad use of the business metaverse, extensive infrastructure development is also required.

For this technology to realize its full potential, it is essential to pay attention to issues like dependable connection, powerful processing power, and a knowledgeable staff.

Interoperability is also a problem right now since users on one platform should be able to engage, communicate, and exchange data and content with users on another platform.

According to a forecast published in August 2023 by the management consulting company Bain & Co., the metaverse's market value would reach $900 billion by 2030.

According to the survey, businesses who participate in the early phases of metaverse development over the next five to ten years are more likely to succeed in the market.

TechMVerse, the company's metaverse practice, has allowed it to improve customer experience and produce actual business objectives by providing more engaging and immersive experiences than previously, according to Kunal Purohit, chief digital services officer of IT services provider Tech Mahindra.

Purohit stated, "We are experiencing increased demand for metaverse in addition to futuristic projects across various sectors, which include banking, financial services, manufacturing, telecom, media, entertainment, healthcare, and life sciences," and added that in the future, projects related to the metaverse, AI, AR/VR, and quantum computing will attract more deals.

The metaverse still needs a lot of effort to be realized, but Vishal Shah, general manager of XR and Metaverse at Lenovo Intelligent Devices Group, is enthusiastic about its development. Extended reality (XR) business solutions are now in high demand. In the future, customers will recognize it as the metaverse, and it will act as a basis for far bigger and richer experiences.